Results tagged “manhattanrentals”

The Real Estate Group released its "Manhattan Rental Market Report" today and found that October rents were, as expected, lower: "As we are entering into the historically sluggish fourth quarter, we normally expect to see a seasonal slowdown. In step with these trends, rents are down across the board this month and inventories, which had previously been in a two–month decline, are back up sharply." Overall, the report finds that rents have fallen many unit types--rents have fallen 7.23% in doorman studios since last year (non-doorman studio rents are down almost 2%)-- and though some landlords are offering concessions, "this effort does not seem to be enough to right a market that is being heavily influenced by economic factors, above all being unemployment." More facts and figures here.

The AP reports that rental brokerage Citi Habitats found rents for all apartments (except one-bedrooms) fell slightly during the third quarter, versus last year. (One-bedroom rental prices grew 1.7%.) "The dip may seem to indicate a weakness in the market, but the firm says there has been no precipitous decline in rental rates or substantial increase in vacancy rates," adding that it's rented more apartments between July and September this year than last. The next quarter's data should be interesting!